TO FIND YOUR NEXT GREAT BUSINESS IDEA, NARROW YOUR FOCUS
When you’re just starting out in business, narrowing your target market can be difficult for fear you’ll be excluding part of your potential customer base.
But if you can clearly define a market and its needs upfront, you can tailor your product or service offerings narrowly to meet that demand and quickly gain more wallet share than your competitors.
What exactly does this mean?
1. You could be like the enterprising young business man discovering a secondhand store’s almost hidden section of distinctive children’s clothes and toys. As it turned out, the store’s owners wanted out of what they saw as a dead-end business. Then you want to take over the lease and reoriented the entire operation to focus only on children’s products, turning a 1,500-square-foot “dead-end businesses” into an 600-square-foot startup that was profitable in six months and expanded into a new downtown location were this can be a next great business idea where you can focus in mind.
2. You could be like the mechanic who went through the lengthy and fairly expensive process of getting his auto dealer’s license so he could go to the local car auction to make bids, specifically on older model cars. You did not want to sell the whole cars, but rather to take them apart and create a line of aftermarket parts for car owners and mechanics.
3. You could be like the computer repair technician who decided to strike out on his own in the highly competitive field of information-technology services, only to discover a more specialized market that offered higher rates, more loyal customers and more referral business. That narrow market turned out to be Apple computers.
The true opportunity may not be apparent at the outset existing in every broad category, and your job as an entrepreneur is to figure out what they are and whether they offer a profitable business opportunity.